22 August 2018 – interim results
The international specialist staffing group has announced interim results for the six months to 30 June and these have revealed a 3% increase in revenues to £178.3m (2017: £173.4m), whilst adjusted pre-tax profits have risen by 2% to £4.7m (2017: £4.6m). Diluted earnings per share on the same basis fell to 5.0p (2017: 5.7p). Adjusted net debt at the end of the period was £19.5m, the same as the start of the period although this is expected to decline in the second half of the year. The company is dealing with regulatory changes in both Japan and Germany whilst it is also seeing strong growth in certain overseas markets such as India. The company now operates through 19 brands in 21 countries and this strategy of diversification has allowed it to deliver profitable growth for the last five years. A confident statement regarding prospects is re-assuring and the shares remain a BUY.